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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #11 (permalink)  
Old 01-22-2014, 11:12 PM
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I'd say dump the place then.

new beginning?
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Old 01-22-2014, 11:25 PM
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Yes it's mortgage free and we will be doing the 50/50 equity wise. I have no problems with putting it up for sale, just not at this time. It would represent too big a loss for both of us.

Stbx has serious legal debts, (his own doing btw, seems to be litigation-happy) so selling off our property is looking real good to him.
I will be taking your advice about finding an outside lender, I buy off his share and then it's off to deal with the next quarrel.
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Old 01-22-2014, 11:26 PM
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Quote:
Originally Posted by arabian View Post
I'd say dump the place then.

new beginning?
I'm really tempted lol! getting sick of this neverending ___
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Old 01-22-2014, 11:34 PM
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Quote:
Originally Posted by Janibel View Post
Yes it's mortgage free and we will be doing the 50/50 equity wise. I have no problems with putting it up for sale, just not at this time. It would represent too big a loss for both of us.

Stbx has serious legal debts, (his own doing btw, seems to be litigation-happy) so selling off our property is looking real good to him.
I will be taking your advice about finding an outside lender, I buy off his share and then it's off to deal with the next quarrel.
You can buy it from under him. Put on the market at the agreed price and then find an agent to put in an offer on it. If you qualify with just your name, it's yours at the cost of commission to the agent.

Your interest in a mortgage free property should be enough to qualify for a mortgage - that and your spousal support. If you were selling to buy a new home, you're still counting on the equity for the money for the next place, right? The only difference is - it's the same place.

Maybe that's underhanded, I dunno. Seems logical to me.
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Old 01-22-2014, 11:40 PM
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You can buy it from under him. Put on the market at the agreed price and then find an agent to put in an offer on it. If you qualify with just your name, it's yours at the cost of commission to the agent.

Your interest in a mortgage free property should be enough to qualify for a mortgage - that and your spousal support. If you were selling to buy a new home, you're still counting on the equity for the money for the next place, right? The only difference is - it's the same place.

Maybe that's underhanded, I dunno. Seems logical to me.
Oh I don't mind if it's underhanded, just so long as it's legal - Thanks for all the suggestions, least now I have some new ideas.
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Old 01-22-2014, 11:40 PM
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Get a mortgage, and give his lawyer (in trust) half the amount of your ex's crappy asking price in return for your ex taking the steps for getting his name off the title. Then sell it in a few years when it will get a better price.

You want to give the money to the lawyer in trust instead of directly to the ex as that gives him incentive to settle quickly so he can get his hands on it. He would get what's left of it after your matters are all settled, minus the legal fees. Of course, he could use it to fuel further litigation, but hopefully he'd prefer to have it himself than give it all to his lawyer.
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Old 01-22-2014, 11:46 PM
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I've made offers to the stbx concerning signing a quit claim deed in exchange for other assetts. Seemed a simpler way of dealing with the property. Less paperwork and we both get what we want. Of course, reasonable offers have been refused so far ....
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Old 01-23-2014, 06:18 AM
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I never thought I could buy my ex out (figured I didn't make enough) but with the equity that was split between us I was surprised that my mortgage broker was able to get me financing at a very good rate from CIBC. All the bank needed was a signed separation agreement where it was spelled out that he was signing the house over to me and I was buying him out. Once they got that it was a just a few days till the funds were transferred.
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Old 01-23-2014, 09:32 AM
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Originally Posted by standing on the sidelines View Post
I never thought I could buy my ex out (figured I didn't make enough) but with the equity that was split between us I was surprised that my mortgage broker was able to get me financing at a very good rate from CIBC. All the bank needed was a signed separation agreement where it was spelled out that he was signing the house over to me and I was buying him out. Once they got that it was a just a few days till the funds were transferred.
That's exactly what I have been proposing for months now. I want to buy him out, then sell the place in a couple of years at a better price than what I could possibly get now. It's getting the stbx on board that's the problem so far ...

He's resisting any change to the status quo. It's frustrating to attempt to get him to sign anything. He's been dragging his feet on every single decision since the beginning

Last year he wanted to buy me out, then he changed his mind. After that he told my lawyer that he would sign over the property to me in exchange for part of the pension capital - fine, where do I sign? Changed his mind again at the last minute.

Is it any wonder that we are headed for trial? Really fed up with it all, I'm not getting any younger!

Last edited by Janibel; 01-23-2014 at 09:33 AM. Reason: typo
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Old 01-23-2014, 04:19 PM
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Quote:
Originally Posted by Janibel View Post
That's exactly what I have been proposing for months now. I want to buy him out, then sell the place in a couple of years at a better price than what I could possibly get now. It's getting the stbx on board that's the problem so far ...

He's resisting any change to the status quo. It's frustrating to attempt to get him to sign anything. He's been dragging his feet on every single decision since the beginning

Last year he wanted to buy me out, then he changed his mind. After that he told my lawyer that he would sign over the property to me in exchange for part of the pension capital - fine, where do I sign? Changed his mind again at the last minute.

Is it any wonder that we are headed for trial? Really fed up with it all, I'm not getting any younger!
Janibel -

Just agree to put the house on the market as as part of that same separation agreement that states you have 50% equity in that home.

If the banks can see you own 50% of a free and clear property, you'll defintely qualify for a mortgage based on that equity and your spousal support payments.

Then just buy the house off the market like anyone else would. He can't refuse a legitimate offer that is 100% of the asking price, can he?

I dunno, that's what I'd try. I agree it would be much easier to just do the transfer, etc. as part of the agreement, but you already know that won't be agreeable to him.

Give him what he wants - the house on the market. He shouldn't care who buys it, that's not why you sell a house.
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